Gold Prices: Yellow Metal Down 4%, Rates Plunge Rs 2,000 Per 10 Gram
Gold Prices: Domestic gold futures registered a declining trading session on Friday, January 9, as the yellow metal suffered a steep decline due to a stronger American currency. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading lower by 4.1 per cent - at Rs 48,818, having swung between Rs 48,818 and Rs 50,799 during the session compared to their previous close of Rs 50,904. Gold futures declined four per cent - Rs 2050 to Rs 48,818 per 10 gram while silver futures plunged 8.8 per cent - Rs 6,100  to Rs 63,850 per kilogram. Silver futures for a March 5 delivery, were lower by 8.74 per cent at Rs 63,850 on the MCX. (Also Read: Is Silver The New Gold?)Â
'With the new government almost confirmed US and hopes of large stimulus measures slumps the gold price, US Treasury yields and a climb in the equities toward its all-time closing high, which weighed down gold prices. The dollar has also rebounded and investors are running to book profits. The short-term range is ₹ 52000 to ₹ 48500 and Its retracement zone at ₹51800 - 52000 is resistance,' said Kshitij Purohit, Lead Commodities & Currency at CapitalVia Global Research Limited- Investment Advisor.
#Gold and #Silver Closing #Rates for 08/01/2021#IBJA pic.twitter.com/2HX8QO2Z04
January 8, 2021Domestic spot gold closed at Rs 504,21 per 10 grams on Friday, and silver at Rs 67,374 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).Â
Meanwhile, on Friday, January 9, the rupee gained seven paise against the US dollar on to close at 73.24, tracking an intense rally in domestic equities, while also reflecting a sharp recovery from the day's lowest level.
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